Atiku asks Tinubu to explain rising debt

Former Vice-President Atiku Abubakar has challenged President Bola Tinubu to explain the continued rise in Nigeria’s public debt despite increased government revenues, saying Nigerians are yet to see the benefits promised from the administration’s economic reforms.

Atiku, who is the presidential candidate of the African Democratic Congress, ADC, made the demand in a statement issued on Saturday by Phrank Shaibu, Director of Strategic Communications of the ADC Presidential Campaign Council.

His comments followed the latest figures from the Debt Management Office, DMO, which put Nigeria’s total public debt at ₦166.79 trillion as of June 30, 2026. The DMO figure represents an increase from ₦159.35 trillion recorded as of March 31, 2026.

Atiku said the government had removed petrol subsidy, increased its revenues and continued borrowing, while Nigerians were facing higher costs of food, transportation, energy and other essential needs.

“A government that says more money is coming in must explain why it keeps borrowing and why the people paying for its policies cannot see the promised gains,” he said.

He said Nigeria’s public debt had risen from ₦49.85 trillion in March 2023 to ₦166.79 trillion by June 2026, citing DMO figures.

Atiku called on the President to provide a detailed breakdown of the country’s debt profile, including old debts newly recorded, the impact of exchange-rate changes on foreign-denominated debt and all new loans contracted since the administration came into office.

“I expect President Tinubu to put the full account before Nigerians,” he said.

“He should identify the old debt newly recorded, the foreign debt whose naira value rose with the exchange rate, and every new loan contracted since he assumed office.”

The former Vice-President also requested details of the amount of debt already repaid and the outstanding balance.

“Accounting explanations must not become a hiding place for fresh borrowing,” he said.

‘Economy producing two Nigerias’

Atiku said the country’s debt situation should be considered alongside what he described as a widening gap between reported improvements in macroeconomic indicators and the experiences of ordinary Nigerians.

“The Tinubu economy is producing two Nigerias: one in which ordinary citizens are suffocating under rising food, fuel, transport, electricity, education and housing costs, and another in which those with wealth, access and privilege are far better positioned to protect and multiply their fortunes,” he said.

He argued that improvements in government revenue, foreign reserves and other macroeconomic indicators should not, on their own, be treated as sufficient evidence of economic success if many Nigerians continue to struggle to afford basic necessities.

“The true test of economic policy is whether Nigerians can afford food, transportation, housing, education, healthcare and electricity,” Atiku said.

He also referred to a June 2026 assessment by the International Monetary Fund, IMF, which acknowledged improvements in Nigeria’s macroeconomic performance following reforms but noted that conditions remained difficult for many Nigerians. The IMF also estimated significant levels of poverty and food insecurity in the country.

Atiku further cited prevailing petrol and diesel prices, arguing that higher energy costs had increased pressure on household budgets.

“The philosophy of an economic reform cannot be that the poor surrender more and more while those already insulated from hardship become increasingly comfortable,” he said.

“Nigerians were promised that today’s pain would produce tomorrow’s gain. After more than three years, they are entitled to ask: gain for whom?”

Atiku questions debt servicing

The former Vice-President also raised concerns about the proportion of government revenue being used to service debt.

He cited BudgIT figures showing that debt service reached ₦12.52 trillion in the third quarter of 2025, compared with revenue of ₦18.63 trillion.

“Money committed to debt service is money unavailable for competing public needs,” Atiku said.

“Nigerians were told to endure the pain because there would be gains. Where are those gains?”

He also referred to the 2026 fiscal framework, which provides for about ₦68.32 trillion in expenditure against projected revenue of ₦36.87 trillion, leaving a projected deficit of about ₦31.45 trillion.

Atiku said President Tinubu’s reported remarks at the Africa Forward Summit in Nairobi in May, where the President put Nigeria’s 2026 debt-service bill at about $11.6 billion, illustrated the pressure created by debt repayments.

“If President Tinubu understands abroad what debt payments are taking away from Nigeria, then he must explain at home why the borrowing bill continues to grow,” he said.

Atiku warned that fiscal pressure could worsen when borrowing becomes routine, debt service takes up an increasing share of government revenue and governments repeatedly borrow to finance budget deficits.